Japan needs to adapt its laws to issue a central bank digital currency, according to a local financial official.
Kozo Yamamoto, head of the Liberal Democratic Party’s council on financial affairs and a former official at the Ministry of Finance, believes that Japan must revise a law stipulating the Bank of Japan’s (BoJ) mandate and responsibilities regarding the development of a CBDC.
According to an Oct. 12 Reuters report, Yamamoto said that potential amendments to the BoJ law would be a good opportunity to consider other changes like adding job creation to the central bank’s mandate. The official also stated that the revised BoJ law should include provisions for inflation rates:
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